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United States tax law defines the Adjusted Current Earnings (ACE) depreciation rules. You can update your ACE book according to ACE rules automatically. To provide sufficient ACE information for your tax purposes, you must create a separate ACE book for your existing assets. Assign each asset a depreciation method, life, and prorate convention according to ACE rules. Oracle Assets converts your assets to the new depreciation methods automatically when you update the ACE book. Oracle Assets also provides two exception reports that list the assets that Oracle Assets cannot update in the ACE book. To implement ACE, you must define the initial open period of your corporate, ACE, federal, and Alternate Minimum Tax (AMT) books as a period on or before the last period in the last tax year beginning before 1990. Each book must also use the same depreciation calendar Note: If you have ACE accumulated depreciation information from a previous assets system, you can set up your books for the last period for which you have the information and upload it using the ACE conversion table. You must set up the ACE book, mass copy your assets into the ACE book, and then update the ACE book according to ACE rules.
Note: Oracle Assets does not change the asset cost or life in your ACE book. Instead, it uses an internal factor to adjust the depreciation rates to depreciate the net book value over the remaining life. Note: Assets placed in service after December 31, 1993 are not subject to ACE depreciation rules.